topic Re: Kind of annoying? in Credit Cards

Kind of annoying?

Anonymous — Mon, 08 Sep 2014 15:34:10 GMT

Well I recieved my Discover It card in July, but im running into a problem with this $500 CL! I try to keep at 20% utilization but it never works because thats only $100!! I use this card for gas and dinning and always hit +100 on it, so in return im constantly having to pay some of the balance off before the statement hits. Should I call and ask for a CLI? I mean I have only had the card for 2 months... But this is frustrating.

Re: Kind of annoying?

takeshi74 — Mon, 08 Sep 2014 15:46:55 GMT

Has anyhting changed with your credit that would make Discover grant a higher CL? Managing utilization is tricky with lower limits and if they only approved you for $500 2 months ago you'll probably have to put in some time & responsible usage before they grant any CLI's.

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 16:40:27 GMT

I just recieved a car loan, and made my first payment on that already.. I was approved for the Discover the day of my 18th birthday with no credit. I can make it do, but I just hate making payments of 20$ every other day lol
-typing from iPhone

Re: Kind of annoying?

Kenny — Mon, 08 Sep 2014 16:43:18 GMT

@Anonymous wrote:
I just recieved a car loan, and made my first payment on that already.. I was approved for the Discover the day of my 18th birthday with no credit. I can make it do, but I just hate making payments of 20$ every other day lol
-typing from iPhone

Don't make it every other day... simply make it before the statement cuts.. And 2 months is too soon.

Re: Kind of annoying?

twist7d7 — Mon, 08 Sep 2014 16:57:17 GMT

when i was there i just ran money through the card and didnt worry about util. idk if that was smart or not but it got me a auto CLI!

Re: Kind of annoying?

barbaralee — Mon, 08 Sep 2014 17:18:24 GMT

Whence I first met my husband all he had was a $500 cap one card. He would max out the card and pay it off every month. I told him I didn't think that looked good, and suggested he keep it at no more than 30% utilization and then switch to his debit card. He did that for a full year, and when he finished his undergrad and was on his way to grad school I applied for a USAA card for him. He was immediately approved for 4800. I know it is a pain to manage that low of a credit line, but time and patience will pay off.

Re: Kind of annoying?

BootStraps — Mon, 08 Sep 2014 17:18:01 GMT

At 90 days you can request a CLI from Discover.

Speaking to a rep, I asked for a CLI at 89 days and the system would not put it through. (But did put it through wen I asked again the next day.)

Hope that helps.

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 17:22:19 GMT

use it for more time and ask for a cli later on.

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 17:31:54 GMT

My statement cut at $85 dollars. But funny how my credit report shows it at $105 dollars, and a 21% utilization (kinda p-oed about it but oh well). So thats why now im making a payment everytime I get that text telling me my card has hit 100+.

Re: Kind of annoying?

CreditDunce — Mon, 08 Sep 2014 18:07:00 GMT

IMO it is silly to worry about utilization if you are PIF each month and are not APP'g for anything. I wouldn't worry about what it reports each month. Discover is more likely to give you a CLI if you are maxing out the CL and PIF'd then if you keep it below 20% util (my guess, I don't have any facts to back it up). Yes, your score will not be as high when your score reports a high util. But to gain the points back all you have to do is pay early one month. You will not have a higher score by micro-managing for the next year.

I can see how keeping the balance low could help you from piling on too much debt. But we are only talking about a $500 CL.

Please note, that carrying a high utilization because you are only making the minimum payments each month is very different than simply not paying most of the balance off before the statement cuts.

The one caveat is Discover does not report the month after they give a CLI. If you are planning on app'g for anything else, be sure to pay down your statement balance early for two months in advanced. Just in case they decide to give you an auto CLI.

FWIIW, I received an small auto CLI after my second statement. However, I didn't use the CC one month, so it would have been over 90 days since account opening. If you don't get an auto CLI, I would wait until the account is open 6 months. It will improve your chances of getting a larger CLI.

Re: Kind of annoying?

taxi818 — Mon, 08 Sep 2014 18:19:38 GMT

@Anonymous wrote:
Well I recieved my Discover It card in July, but im running into a problem with this $500 CL! I try to keep at 20% utilization but it never works because thats only $100!! I use this card for gas and dinning and always hit +100 on it, so in return im constantly having to pay some of the balance off before the statement hits. Should I call and ask for a CLI? I mean I have only had the card for 2 months... But this is frustrating.

You are over thinking. You can use what you want. Just when you pay your bill it should be around 20%. Not saying you can't use. Even 40%. Don't over think.

Re: Kind of annoying?

twist7d7 — Mon, 08 Sep 2014 18:21:30 GMT

@taxi818 wrote:
@Anonymous wrote:
Well I recieved my Discover It card in July, but im running into a problem with this $500 CL! I try to keep at 20% utilization but it never works because thats only $100!! I use this card for gas and dinning and always hit +100 on it, so in return im constantly having to pay some of the balance off before the statement hits. Should I call and ask for a CLI? I mean I have only had the card for 2 months... But this is frustrating.
You are over thinking. You can use what you want. Just when you pay your bill it should be around 20%. Not saying you can't use. Even 40%. Don't over think.

+1 CCC will take into account the small limit when considering your util. maybe not in the automated system but deff on a recon or manual review.

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 18:30:43 GMT

Im shooting for the Hyatt credit card next summer.. So that is why im so antsy about these numbers! Haha thank you though! I love this forum!

Re: Kind of annoying?

taxi818 — Mon, 08 Sep 2014 18:32:59 GMT

Yes. It's not what you use. But what they report. As long as around 20 percent then. So you don't have to pay every. 5 days. Just before due date. Do math. Get bill under 100 bucks. And discover will not give increase in 60 days. 90 only. And with only a 500 limit. You will not see increase for. 6 months. So. Be patient.

Re: Kind of annoying?

twist7d7 — Mon, 08 Sep 2014 18:37:32 GMT

Before a app I like to get my util down 3 months a head of time. That way if something happens I am not screwed for the app. I guess i could push the app back but who wants to do that! The Hyatt is a VS meaning a 5k min CL through chase. I would recommend getting another card before apping for that one. Going from 500 to 5k has been done but the odds arent the best. I would suggest the Freedom to get your foot in the door with chase. If not the freedom then maybe some amex credit card. Then app for the Hyatt 6 Months after your 3x CLI. $0.02

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 18:43:37 GMT

So that means in order to recieve the Hyatt by the summer, I would need to apply for the AMEX by January. Joy! Lol my credit score just became available on Credit Karma, 644 TU! I guess that is good, since all that is on there so far is
1. Paid Discover statement showing 21% util
2. 1st car payment

Re: Kind of annoying?

CreditDunce — Mon, 08 Sep 2014 18:55:03 GMT

@Anonymous wrote:
So that means in order to recieve the Hyatt by the summer, I would need to apply for the AMEX by January. Joy! Lol my credit score just became available on Credit Karma, 644 TU! I guess that is good, since all that is on there so far is
1. Paid Discover statement showing 21% util
2. 1st car payment

It is fine to look at the CK TU score, but it isn't a FICO score. No telling if your FICO score is higher or lower. You will just have to wait 6 months to get a real FICO to know where you are at. Once you have 6 months history, Discover will give you your real TU-08 score.

Re: Kind of annoying?

taxi818 — Mon, 08 Sep 2014 19:01:29 GMT

Amex doesn't pull tu. Ex. Don't jump gun. If that is score. You got long way to go. Get your fico scores. Read read. Read and learn. Then you will know when time is right. I will not do amex even with 715 tu. Coz my experian is only 683. Need to hear what we are saying. Not downing you.

Re: Kind of annoying?

Anonymous — Mon, 08 Sep 2014 19:08:46 GMT

Well I know I have a long way to go, as said above.. There is only 2 items showing on my credit report, wasn't expecting a high number. Now with everything on time 6 months down the road, I am sure my scores will reflect that accordingly. I read up as much as I can on the forums! Pretty interesting! Thanks though

Re: Kind of annoying?

twist7d7 — Mon, 08 Sep 2014 19:10:39 GMT

Credit Sesame is a EX service and will give you a score number.